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APPLOVIN CORP
+31.23%
closure:0
opening:17.27
High:17.38
low:16.17
cycle:—
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(NYSE: APP) is jumping 30% today on Wall Street after the company did record a surprising loss in the fourth quarter of 2022, but it still met expectations at the top line, when at the same time it provided a forecast above analysts’ expectations for the first quarter of 2023.
The company has a platform for mobile app developers to improve the marketing and monetization of their apps. The company’s software solutions include AppDiscovery, a marketing software solution, Adjust, an analytics platform that helps marketers optimize campaigns and protect user data; as well as software for providing price offers within the application in order to optimize the application’s advertising inventory by running a competitive tender in real time.
So what did the company do? It reported a loss of 21 cents per share on revenue of $702 million. Analysts expected it to post a profit of 5 cents a share, but on the top line they expected $691 million. For comparison – in the corresponding period last year, the company recorded a profit of 8 cents per share on revenues of 793 million dollars.
And what’s next? The company with a good forecast: AppLovin expects to report first-quarter revenue of $695 million (mid-term), above the analyst consensus of $689 million.
So yes, the stock is now up 31% to $16.6 per share, which is a 54% jump since the beginning of the year, but still down 80% over the last 12 months.
And what do they say in society? The CEO of AppLovin, Adam Poroghi said on the background of the reports: “In the first quarter of 2023, we see the mobile advertising market remaining relatively stable. Developers continue to closely monitor their overall profitability and advertisers appear to be maintaining overall ad budgets and return on ad spend targets, as evidenced by our outlook for the quarter.”
According to the CEO, in the marketing sector advertisers were “more conservative” in their spending, but still “we saw stability in our business and they continue to do so now.”
And what do the analysts say?
After the stock’s big crash, 14 out of 22 analysts who cover it give it a buy or strong buy rating. Another 6 give a ‘hold’ recommendation and two assess ‘underperforming’.
Oppenheimer analyst Martin Young raised his price target to $20 (up from $15 previously) while maintaining an “outperform” rating, noting “slight margin expansion and a gradually better outlook.”
At the same time, WedBush analyst Nick McKay said: “The company met the forecasts it gave three months ago: stability.” It also maintains an ‘outperform’ rating and gives a target price of $21. “We continue to like the potential of AppLovin’s growth trajectory and recovery, along with the economics”
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